SOLUTION: You want to buy a $31,000 car. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?

Question 1148519: You want to buy a $31,000 car. The company is offering a 5% interest rate for 48 months (4 years). What will your monthly payments be?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is P=Prin/[(1+i)^48-1]
where i=.05/12 and P=31000
round at the end for $713.91
calculator (.05/12), add to 1, raise to 48th power and multiply by (.05/12)
denominator is the value raised to the 48th power minus 1
take that quotient and multiply by 31000.
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